Hi Reader,
If your budget forced you to cut half your vision, what would you absolutely protect?
There will be many points during your home reno or construction project where you’ll need to decide how to spend your money. Unless you have an unlimited budget, there will always be something that has to give.
Knowing from the start what is truly important versus what is nice but not actually necessary is a huge help when those decisions come up.
The Non-Negotiables are things like:
- Stuff that can't easily be changed later (usually structural, behind-the-walls type work like electrical, plumbing, insulation, windows, rot, etc.)
- Dealbreakers that would make you reconsider the project if they couldn't be included
- Things you hate about your house that you can’t wait to fix
The Nice-to-Haves usually involve:
- Fancy upgrades or finishes
- The “while we're at it" additions that would be great but aren't the point
- Things you could probably tackle later
- Other wishlist items that would be amazing but you could live without if necessary
A lot of homeowners have a pretty good sense of what their priorities are intuitively. But it’s not something they write down or even say out loud.
Which means that usually you end up hashing out your priorities when the chips are down and you’re making stressful decisions. And budget decisions made under pressure almost always cost more than decisions made calmly in advance.
Going into the budgeting process with this list in hand gives you a lot of clarity. And that clarity helps you:
- Build a budget that is focused on the most important outcomes for your home and family
- Stay on the same page with your spouse, family members, and the pros you’ve hired to help with your project
- Make decisions more quickly and consistently (this is a big deal when you hit the “I’m overwhelmed and can’t make one more choice” stage of the project!)
If you need help figuring this out, here’s an exercise to get you started.
But remember this: keep your Non-Negotiables list short. Three to five items, max.
If everything is a priority, nothing is.
Have a great weekend,
Gerald
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